Wyoming company registration

DOING BUSINESS IN WYOMING IN 2022

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

Since 2003, Healy Consultants Group PLC assists multinational Clients to set up companies around the world, including Wyoming. Our Wyoming services include i) company registration ii) corporate bank account opening with a top-tier USA bank iii) employee recruitment iv) visa strategies and v) office rental solutions.

Compare different Wyoming entities Limited liability company Limited partnership C-Corporation Trust
Also known as Wyoming LLC LP C-Corp Trust
Best use of company? All products/ services Real Estate Planning Trading Tax planning
How long to supply company registration/tax numbers? 2 weeks 5 business days 1 week 5 business days
How long to supply a regulatory licence? Not required Not required Not required Not required
How soon can you invoice Clients/sign sales contracts? 2 weeks 1 week 1 week Cannot trade
How soon can you hire staff? 2 weeks 2 weeks 2 weeks Cannot hire
How soon can you sign a lease agreement? Immediately Immediately Immediately Not allowed
How long to supply corporate bank account numbers? 4 weeks 4 weeks 4 weeks 4 weeks
Corporate tax rate on annual net profits if properly structured? 0% 0% 0% 0%
Limited liability entity? Yes Yes Yes No
Government grants available? Yes Yes Yes No
Government approval required for foreign owners? No No No No
Resident director/partner/manager/legal representative required? No No No No
Minimum paid up share capital? US$1 US$1 US$1 US$1
Can bid for Government contracts? Yes Yes Yes No
Corporate bank account location? JP Morgan Chase City National Bank Wells Fargo Citibank
Can secure trade finance? Yes Yes Yes No
VAT payable on sales to local customers? 4% 4% 4% None
Average total business set up engagement costs? US$8,900 US$9,015 US$9,480 US$13,830
Average total engagement period? 2 months 2 months 2 months 2 months

Wyoming setup summary

  • Benefits of Wyoming company registration

    • A Wyoming company is quick and easy to set up. For example:
      • It only needs a single individual shareholder and director, who can be of any nationality and need not be resident in Wyoming.
      • The company can be incorporated online in just one day, if required.
      • It is possible to open a corporate bank account without travelling in person to Wyoming.
      • A Wyoming company does not need a business licence, regardless of its activities.
      • A Wyoming business does not need to wait for an Employer Identification Number (EIN) before being incorporated. However, a bank account can only be obtained after company incorporation and the EIN is approved.
    • Wyoming is consistently ranked one of the US’ most business-friendly tax environments because:
      • There are no state income taxes. Federal tax rules apply.
      • There are no inventory, franchise, occupation or value added taxes.
      • A Wyoming LLC can choose to be taxed either as i) a corporation (if it has one or more shareholders) ii) a partnership (if it has two or more shareholders) or iii) a disregarded entity (if it has only one shareholder). If the LLC is taxed as a partnership or as a disregarded entity, its income suffers no corporate tax. Instead, the income will flow through to the shareholders, who will pay personal tax.
      • There are specific tax breaks to attract investments in i) agritech ii) blockchain iii) data centres and tech and iv) wind energy and v) manufacturing.
      • Wyoming enjoys a positive relationship with the IRS. As a result, it is unlikely that the shareholders and premises of a Wyoming company will be selected for a field audit, unlike, for example, those in Nevada.
    • Wyoming is great for start-ups, because:
    • Wyoming is cheaper to set up and operate a business than Nevada and Delaware, two other well-known tax-efficient US states (see comparison article here). For example:
      • Wyoming filing fees for incorporation are just US$100 (US$425 in Nevada).
      • Annual government filing fees for a Wyoming company are just US$50 (US$350 and US$300 in Nevada and Delaware respectively).
      • Because it is the US’ largest energy producer and exporter, Wyoming has some of the lowest utility costs in the US. This makes it especially attractive for energy-intensive industrial, commercial and agricultural projects.
      • Office rental and warehouse rates in Wyoming are lower than in many other states.
      • Average salaries in Wyoming are lower than Delaware, and significantly lower than Nevada.
      • Wyoming offers several ‘project-ready industrial sites to investors. For foreign investors and investors from outside the state, this is attractive to manufacturers considering relocating from other states, and significantly decreases project start up time.
    • Compared to Nevada, a Wyoming company does not need to prepare an annual report until the incorporation anniversary. A Wyoming company is therefore easier to administer.
    • 7.1% of Wyoming’s workforce are members of a trade union, compared with 11.1% nationally. Consequently, businesses in the state are less likely to suffer workplace disruption or strikes.
    • Wyoming is one of the best places in the US to protect assets. Multinational Clients can protect assets by forming a simple LLC, an Asset Protection Trust or a Private Trust Company, or combinations of these vehicles.
    • The Wyoming C-Corp structure is the most appropriate corporate vehicle for raising funds from a large number of investors (e g public offering).
  • Problems with Wyoming company registration

    • All foreign and domestic corporations in Wyoming must file an annual report, detailing their business activities, with the Secretary of State. Although the filing fee is just US$50, this is an unwelcome administrative burden.
    • Because it is a low-tax jurisdiction, Wyoming may be negatively perceived as a tax haven to international Clients and banks.
    • Because there is no public record of directors and shareholders of a Wyoming company, it is more difficult to list on international stock exchanges.
    • Wyoming has some of the country’s slowest internet speeds. This hinders business and deters, in particular, e-commerce businesses.
    • Regardless of whether a Wyoming company employs staff or not, it is necessary to file a nil Employer’s Quarterly Federal Tax return Form 941 to the Government (this requirement however does not apply to all USA States).
    • Most top tier banks in the United States of America now require the bank signatory to travel to a branch of the bank in America to hold a mandatory KYC meeting with a bank officer. We however know alternative no travel solutions.
  • Best uses of a Wyoming company

    To take advantage of tax breaks and other incentives in i) agritech ii) blockchain iii) data centres and tech and iv) wind energy and v) manufacturing.

Contact us

For additional information on our company registration services in Wyoming, please contact our in-house country expert, Mr. Josh Liew, directly:
Consultant at HC - josh
  • Mr. Josh Liew
  • Senior Client Relationship Manager
  • Contact me!